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The Actuarial Exam Process

Actuaries take a series of exams to achieve their credentials. The first designation obtained is Associate of the Society of Actuaries (ASA), and the final designation is Fellow of the Society of Actuaries (FSA). The entire process consists of 10+ exams, learning modules, etc. and generally takes 5-7 years, but can vary vastly from person to person. Most students begin taking exams while in school, and continue to take exams after attaining full time job. The information below details the path to ASA and exam study resources. For more on FSA, visit the SOA Homepage.

Path to ASA

Exams and Requirements

Click link to see the breakdown in requirements for ASA, CERA, and FSA

Educational Pathways

Click the link to see the breakdown of pathways. 

Preliminary Exams (Currently 7): 

(Updated with 2020 changes)

  1. P: Probability (Syllabus)

  2. ​FM: Financial Mathematics​ (Syllabus)

  3. IFM: Investments & Financial Markets (Syllabus)

  4. LTAM: Long-Term Actuarial Mathematics (Syllabus)

  5. SRM: Statistics for Risk Modeling (Syllabus)

  6. PA: Predictive Analytics (Syllabus)

  7. STAM: Short-term Actuarial Mathematics (Syllabus)

Validation by Educational Experience (VEE)

VEE requirements can be completed by taking approved courses at USC or later on in your career.

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There are 3 categories of VEE that must be completed: Economics, Corporate Finance, and Applied Statistics. USC offers courses or pairs of courses that satisfy the requirements and they can be taken & submitted at a later date for credit from the SOA. It is a smart idea to take these courses while in school if time permits because it will lighten the load when you are working full time, but if it it not possible, these are not vital before beginning a job.

 

See links below for more on VEE and the SOA approved course directory:

SOA VEE  Approved Courses Directory

More Info on VEE

Links

Society of Actuaries (SOA)

SOA Homepage

 

BeAnActuary

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Register for Exams through the SOA

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Exam Results

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SOA Past Exams

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Exam Resources for Preliminary Exams

General Exam Resources

Actex

  • Exam manuals  for all prelims

  • Recommended for P

Actuarial Study Materials (a/s/m or ASM​)

  • ​Exam manuals  for all prelims

  • Recommended for FM

The Infinite Actuary (TIA)

  • Video Lessons & Practice Exams

Coaching Actuaries & ADAPT

  • Interactive Exams & Quizzes

  • Helps gauge success & adjusts exams to your level

  • Allows you to look at what specific areas you struggle at

  • Expensive; recommended subscription for 1-2 weeks immediately prior to exam sitting

SOA Online Sample Exams (P & FM)

UW CAE Project

  • Video & written problems & solutions for all prelims

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Exam & Study Tips

  • Start studying early! 3 months early is a good idea.

  • Take plenty of practice exams under real test conditions (times, no breaks)

  • Search the internet for more (free) resources. Many of the paid subscriptions are great study materials, but money is a constraint, there are plenty of free resources online.

  • Do not be discouraged by failing. Plenty of actuaries fail exams even multiple times and go on to be very successful. 

  • Try to have at least 1 exam passed before applying to internships. It will be more difficult to get interviews without one, and having one passed shows that you are actually interested

    • 1-3 exams passed is typical for full-time hires​

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